ABCAPITAL / Q3-FY25 / claim-ledger

Audit the questions that mattered.

Aditya Birla Capital · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ3-FY25 · 2025-01-31Back to quarter ↗

Questions audited

11

Answered directly

50%

Numeric claims

0

Consistency

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Question ledger

What was answered, and how?

Chintan Shah · ICICI Securities

partial

Drivers of 62% YoY HFC growth and sustainable growth rate.

I think if you see the disbursements, so you know this is a culmination of several consistent quarters of growth... we've made investments in widening our distribution... digital platforms... FinVerse... we will be seeing similar trajectories of growth in the next few quarters.

Chintan Shah · ICICI Securities

partial

PCR decline in NBFC and stable level going forward.

That year on year the PCR has come down by 3-4%. That's primarily on the backdrop of change in the product mix... secured book has gone up from 67% to 74%... PCR is quite stable.

Chintan Shah · ICICI Securities

partial

ROA levers for NBFC after margin compression.

Your question on margin... 28 basis points lower margin compared to the last quarter and 90-odd basis points compared to last year... on the backdrop of change in the product mix... personal and consumer business... should help improve and stabilize our margins.

Chintan Shah · ICICI Securities

direct

Target product mix for secured vs unsecured.

If you look at today our personal and consumer has come down from 19-odd% to 13%. We would like to grow it back to 18-20%. Not immediately but in the medium term.

Chintan Shah · ICICI Securities

partial

Will NBFC margins decline further or stabilize?

I think we should see stability around these numbers before it improves.

Anuj Singla · Bank of America

partial

Housing mix decline and regulatory threshold.

We had a 65%... it is now showing at around 58%... The minimum threshold is 50% overall housing... we are in that range bound, 53%-54%... well above the 60% mark.

Anuj Singla · Bank of America

partial

Margin risk from rate cut on HFC.

95% is variable, 5% is fixed and on the side of liability side, 39% is fixed and 61% is variable... there is a wide spread in the term loans and the NCDs... we're fully placed.

Anuj Singla · Bank of America

partial

Impact of surrender value regulation on life insurance margins.

When the new regulations all products had to be refiled... some loss of time would have got incorporated... Q4 will look better... margins have gone down on account of both... you will see the expansion of NIM story that I was saying will fully reflect in Q4.

Anuj Singla · Bank of America

declined

Quantify independent impacts of surrender value and repricing.

Possible, but like I said, it will have to get through every period of one month... I can reach out to you separately for details on that.

Abhijit Tibrewal · Motilal Oswal

partial

Reason for broad-based deceleration in NBFC disbursements.

There are different cycles... Q2 was stronger but if you compare year on year I think primarily the decrease is coming from the consumer segment which is 47% down year on year. Again Q4 will be better.

Abhijit Tibrewal · Motilal Oswal

direct

Proportion of HFC disbursements from balance transfer.

That proportion is between 8%-10% of it in that we do.

Avinash Singh · Emkay Global Financial Services

partial

Timeline for NBFC ROA improvement from 2.1% to 2.5%.

Margin expansion should happen... product mix... should help us to go from 2.1% to 2.4-2.5%.